CONVERS GROUP, the managing company of the CONVERSBANK Financial Group, which has so far been actively buying banks, has started selling them. CONVERSBANK MOSCOW, once the first bank of the group formed by Vladimir and Alexander Antonov, is to be sold to INCREDBANK which had earlier bought a money transfer system from VIP BANK.
Established in 2002, INCREDBANK is involved in the Russian deposit insurance system. According to the INTERFAX CEA economic analysis centre, as of October 1, 2006, INCREDBANK had R4.7 billion in assets (190th place among Russian banks), R500 million in capital (257th place) and R56.9m in pretax profit (230th). As of the same date, CONVERSBANK MOSCOW had R7.9b in assets (147th place), R800m in capital (184th) and R45.9m in pretax profit (263rd).
Source: VEDOMOSTI, November 14, 2006
